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- Intrepid Labs
Intrepid Labs Funding, Investors & Competitors
Intrepid Labs has raised $11M across 2 funding rounds, most recently a $7M seed round in May 2025.
Last Intrepid Labs funding round
$7M
Seed · May 2025
Cumulative funding Intrepid Labs raised
$11M
across 2 funding rounds
Key investors in Intrepid Labs
Radical Ventures
Propagator Ventures
Avant Bio
About Intrepid Labs
Intrepid Labs is a Toronto-based biotechnology company, founded in 2023 as a University of Toronto spin-out, that applies machine learning and robotics to drug formulation. Its Valiant platform is an autonomous laboratory that pairs algorithms with robotic experimentation to explore up to a billion possible formulations for small molecules and biologics, and it aims to cut drug-product design from months to days. The company also develops proprietary oral and long-acting injectable delivery technologies and works with partners ranging from emerging biotechs to global pharmaceutical companies and contract research organizations. Quotient Sciences is a strategic partner. Chief executive Christine Allen, a University of Toronto professor, leads the team with co-founders Pauric Bannigan and Riley Hickman, and the company is based at the MaRS Discovery District. Intrepid raised a US$4 million pre-seed round led by Radical Ventures and a US$7 million seed round led by Avant Bio, announced in May 2025, for total funding of more than US$11 million.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Services
Intrepid Labs Funding History
Intrepid Labs has raised a total of $11M across 2 funding rounds.
Intrepid Labs' first fundraising round was a $4M pre-seed round in May 2024. The most recent completed round was a $7M seed round in May 2025.
Intrepid Labs funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| May 2025 | Seed | Avant Bio (lead) | $7M | Intrepid Labs, the Toronto drug-formulation company founded in 2023 as a University of Toronto spin-out, announced a US$7 million seed round on 12 May 2025, led by Avant Bio. The financing followed a previously unannounced US$4 million pre-seed led by Radical Ventures with Propagator Ventures, taking total funding to more than US$11 million. No valuation was disclosed. Intrepid said it would use the proceeds to accelerate development of its technologies, expand the team and scale commercial operations to keep pace with partner demand. Its Valiant platform is an AI-driven robotic laboratory for designing oral and long-acting injectable formulations of small molecules and biologics, and the company works with global pharmaceutical companies, contract research organizations and biotechs. Chief executive Christine Allen said pharma companies rely on legacy approaches that fail to deliver the best possible formulations, and Quotient Sciences is a strategic partner. |
| May 2024 | Pre-seed | Radical Ventures (lead); Propagator Ventures | $4M | Intrepid Labs, a Toronto-based drug-formulation company spun out of the University of Toronto and founded in 2023, raised a US$4 million pre-seed round led by Radical Ventures with participation from Propagator Ventures. The round was not announced when it closed and was first disclosed in May 2025, when Intrepid launched publicly with a US$7 million seed round led by Avant Bio. The company builds Valiant, an autonomous laboratory that pairs machine-learning algorithms with robotic experimentation to explore up to a billion possible formulations for small molecules and biologics, aiming to shorten drug-product design from months to days. It also develops proprietary oral and long-acting injectable delivery technologies. The team is led by chief executive Christine Allen, a University of Toronto professor, with co-founders Pauric Bannigan and Riley Hickman. Together the two rounds brought total financing to more than US$11 million. |
Who has invested in Intrepid Labs?
3 investors have backed Intrepid Labs across its funding rounds, including Radical Ventures, Propagator Ventures and Avant Bio.
Lead investors include Avant Bio and Radical Ventures.
Intrepid Labs Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | May 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialIntrepid Labs Competitors
Intrepid Labs competitors include listed companies like InSilico Medicine Cayman and Snowflake, and private ones like Astromech, Chai Discovery, Pathos and Anthropic.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $3.8B | - | ||
| Private | $48M | - | $3.8B | - | ||
| Private | $13M | - | $3B | - | ||
| Publicly listed | $56M | ($353M) | $2.8B | - | ||
| Private | $47B | - | $965B | 20.5x | ||
| Publicly listed | $4.7B | ($1.3B) | $97B | 16.4x |
Intrepid Labs Public Comps
Intrepid Labs is still privately-owned, but its public comps include Palantir, Snowflake, Merck KGaA, Illumina, Z.ai, Sartorius, IonQ, Demant, Bio-Techne and 10x Genomics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 84.1x | 47.5x | 258.7x | 77.5x | |||
| $4.7B | ($1.3B) | 20.9x | 16.4x | (76.7x) | 92.9x | |||
| $24B | $5.2B | 3.5x | 3.4x | 16.1x | 12.0x | |||
| $4.3B | $1.4B | 7.6x | 7.2x | 23.4x | 25.4x | |||
| $109M | ($662M) | 241.1x | 31.4x | (39.6x) | (38.9x) | |||
| $4B | $1B | 6.4x | 6.1x | 24.8x | 20.5x | |||
| $130M | ($531M) | 109.8x | 31.4x | (26.9x) | (33.0x) | |||
| $3.4B | $761M | 4.3x | 3.8x | 19.4x | 15.4x | |||
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Common questions about Intrepid Labs
| When was Intrepid Labs founded? | Intrepid Labs was founded in 2023. |
| Where is Intrepid Labs headquartered? | Intrepid Labs is headquartered in Toronto, Canada. |
| Is Intrepid Labs publicly listed? | No, Intrepid Labs is a private, VC-backed company. |
| How much funding has Intrepid Labs raised? | Intrepid Labs has raised $11M across 2 funding rounds. |
| What was Intrepid Labs' last funding round? | Intrepid Labs' last funding round was a $7M seed round in May 2025, led by Avant Bio. |
| Who are Intrepid Labs' investors? | Intrepid Labs' investors include Radical Ventures, Avant Bio and Propagator Ventures. |
| Which companies are comparable to Intrepid Labs? | Companies comparable to Intrepid Labs include Astromech, Chai Discovery, Pathos, InSilico Medicine Cayman, Anthropic and Snowflake. |
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